The Depository Trust & Clearing Company develops cost basis reporting software
The Depository Trust & Clearing Company (DTCC) announced this week that it is developing a new software solution designed to help financial services firms deal with the enhanced cost basis reporting requirements of The Emergency Economic Stabilization Act due to take effect in January 2011.
“Many in the industry had approached us to help solve this impending reporting challenge because they recognized that DTCC has the proven infrastructure and technical expertise to meet the federal mandate under such a short timeframe,” said Michael C. Bodson, DTCC Executive Managing Director, Business Management and Strategy. Bodson added that the cost basis software is an ideal fit for the company’s existing line of securities processing software and services.
Along with providing custody and asset servicing for more than 3.5 million securities issues from the United States and around the world, the DTCC is also one of the leading financial services software companies, providing clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives.